On Wednesday, the Olympic Committee formally announced that the 2024 and 2028 Summer Olympics would be hosted in Paris and Los Angeles respectively.
Paris and Los Angeles were the last two cities in the running for the bids after Hamburg, Rome and Budapest pulled out due to financial concerns.
According to researchers at Oxford’s Saïd Business School, the overrun cost of the 2016 Olympics was $1.6 billion. Both Paris and LA have most of the facilities needed for the games reducing the cost of hosting the Olympics.
Los Angeles’ planning committee estimates the cost to be around $5.3 billion.
The last time Paris hosted the Olympics was in 1924 and 2024 will mark the city’s 100 year anniversary of hosting the Olympics. The 2024 Olympics will be the third time Paris has hosted the event adding them to the exclusive list of three timers with London.
Los Angeles hosted the Olympics in 1932 and 1984. The 2028 will be LA’s third has hosted the events adding them to the list with London and Paris.
The U.S. has hosted the Olympics nine times making it the most of any country. The last times it hosted the summer games was in 1996 in Atlanta and it hosted the winter games in 2002 in Salt Lake City.